CB Bank introducing contactless payments
In a first for the country, Myanmar’s Co-Operative Bank Limited ( CB Bank) will introduce contactless payments from next month under a partnership with Mastercard.
A network of more than 5000 merchants across Myanmar will offer the service by the end of this year.
CB Bank CEO/vice-chairman U Kyaw Lynn describes is as “another milestone on Myanmar’s road toward a cashless society”.
The system makes payment and checkout easier, offering consumers a seamless, fast and secure way to pay for everyday purchases. They simply need to tap on an enabled merchant terminal to make payment.
“Contactless payments mean greater convenience and security for both consumers and merchants, and is widely adopted as a preferred payment mode around the world,” says Mastercard country manager Donald Ong, who is also responsible for Thailand.
As well as being able to make contactless payments for everyday purchases in Myanmar, consumers can also use their cards at more than 6.5 million locations in 97 countries.
Mastercard has been working in the Myanmar market with CB Bank since 2012. In October 2013, the two partners launched Myanmar’s first-ever payment product, a prepaid travel card for locals to use overseas.
Established in 1992, CB Bank has more than 7000 employees and offers business lines in retail, corporate and SME banking. It has 196 branches, 752 mobile banking agents and more than 600 ATMs.